Guggenheim Initiates Coverage on LB Pharmaceuticals (NASDAQ:LBRX)

Stock analysts at Guggenheim started coverage on shares of LB Pharmaceuticals (NASDAQ:LBRX) in a research note issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $80.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 134.19% from the stock’s previous close.

LBRX has been the topic of a number of other research reports. Roth Capital lowered LB Pharmaceuticals from a “buy” rating to a “neutral” rating and dropped their target price for the company from $37.00 to $35.00 in a report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price target on shares of LB Pharmaceuticals in a report on Monday, August 3rd. BMO Capital Markets lifted their price objective on shares of LB Pharmaceuticals from $46.00 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Weiss Ratings cut shares of LB Pharmaceuticals from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen downgraded shares of LB Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 3rd. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

LB Pharmaceuticals Stock Performance

Shares of LBRX opened at $34.16 on Tuesday. LB Pharmaceuticals has a fifty-two week low of $14.32 and a fifty-two week high of $50.16. The firm has a 50-day simple moving average of $44.04 and a 200-day simple moving average of $34.78. The company has a market capitalization of $1.10 billion and a price-to-earnings ratio of -9.93.

LB Pharmaceuticals (NASDAQ:LBRX) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($1.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.87). Equities research analysts forecast that LB Pharmaceuticals will post -5.7 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LBRX. Spruce Street Capital LP boosted its position in shares of LB Pharmaceuticals by 36.9% in the 1st quarter. Spruce Street Capital LP now owns 1,376,159 shares of the company’s stock worth $33,645,000 after buying an additional 370,566 shares in the last quarter. Eversept Partners LP acquired a new position in LB Pharmaceuticals during the first quarter worth about $2,471,000. Janus Henderson Group PLC acquired a new position in LB Pharmaceuticals during the first quarter worth about $1,613,000. Wellington Management Group LLP lifted its holdings in shares of LB Pharmaceuticals by 11.9% in the second quarter. Wellington Management Group LLP now owns 58,891 shares of the company’s stock valued at $1,911,000 after purchasing an additional 6,251 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of LB Pharmaceuticals in the second quarter valued at approximately $1,784,000.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system and neuropsychiatric disorders. The company’s lead product candidate is LB-102, an oral prodrug of amisulpride, an established antipsychotic medicine that is approved in certain countries outside the United States but is not currently approved in the U.S.

LB-102 is being developed for the treatment of schizophrenia, with the company seeking to evaluate its potential to address the needs of patients and healthcare providers in the U.S.